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Bill · HR

H.R. 662 (119th)

Promoting Domestic Energy Production Act

Original

referredUnited States· United States Congress· EN

Introduced

23 January 2025

Last action

23 January 2025 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Mike Carey, Vicente Gonzalez, Nicholas Langworthy, Rep. Rulli, Michael A. [R-OH-6], Rep. Davidson, Warren [R-OH-8], Rep. Crenshaw, Dan [R-TX-2], Rep. Zinke, Ryan K. [R-MT-1], Troy Balderson, Marc Veasey, Darin LaHood, John Carter, Rep. Meuser, Daniel [R-PA-9], Glenn Thompson, Rep. Miller, Mary E. [R-IL-15], Rep. Hern, Kevin [R-OK-1], Rep. Tenney, Claudia [R-NY-24], Rep. Miller, Carol D. [R-WV-1], Roger Williams, Henry Cuellar, Wesley Hunt, Rep. Mann, Tracey [R-KS-1], Max Miller, Tom Cole, Rep. Weber, Randy K. Sr. [R-TX-14], Rep. Newhouse, Dan [R-WA-4], Addison McDowell, Pat Fallon, Beth Van Duyne, Gregory Murphy, Rep. Ellzey, Jake [R-TX-6], Rep. Babin, Brian [R-TX-36], Gabe Evans, Rep. Goldman, Craig [R-TX-12], Rep. Malliotakis, Nicole [R-NY-11], Rep. Estes, Ron [R-KS-4], Mark Amodei, Rep. Lawler, Michael [R-NY-17], Cory Mills, Rep. Steube, W. Gregory [R-FL-17], August Pfluger, Stephanie Bice, Rep. Latta, Robert E. [R-OH-5], Rep. Taylor, David [R-OH-2], Nathaniel Moran

Subjects

Energy, Taxation

Source updated

18 May 2026

Energy · Taxation

Official sourceDownload fileView documentsShare

Summary

Promoting Domestic Energy Production Act This bill allows corporations to reduce their adjusted financial statement income to account for certain intangible costs related to oil, gas, or geothermal well drilling and development for purposes of calculating the corporate alternative minimum tax. Under current law, a 15% corporate alternative minimum tax is imposed on a corporation with adjusted financial statement income exceeding an average of $1 billion for a consecutive three-year period (or an average of $100 million for a U.S. corporation that is part of a foreign parent multinational group if the adjusted financial statement income of such group exceeds an average of $1 billion for a consecutive three-year period). Adjusted financial statement income generally is the net income or loss reported on the corporation’s applicable financial statement for a tax year, with adjustments for specific items. This bill expands the reductions that may be made to a corporation’s adjusted financial statement income to include (1) intangible drilling and development costs incurred by an operator of a domestic oil, gas, or geothermal well that are allowed as a deduction in the current tax year when computing regular taxable income; and (2) any depletion expenses related to the intangible oil, gas, or geothermal well drilling and development costs.

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Timeline

  1. 23 January 2025

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 23 January 2025

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 23 January 2025

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

Sponsors

Related records

Sources

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